Annual Integrated Report 2025
tomorrowElia Group | Annual Integrated Report 2025 StrategicReport
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Appendices 1
“We said since the very beginning that Europe cannot be competitive, resilient, or fair without a clean, interconnected energy system.
[…] Our grids channel affordable energy directly to where it’s needed most, reducing costs for consumers and businesses. We have entered the new Age of Electricity, and in this age our grids pave the way for the integration of more renewables, and support the electrification of our economy, accelerating our shift away from fossil fuels.”
— Dan Jørgensen, EU Commissioner for Energy and Housing at the press conference on the European Grids Package
Source: European Commission press corner, “Remarks by Executive Vice-President Ribera and Commissioner Jørgensen on the European Grids Package”, Brussels, 10 December 2025
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As an international energy group specialising in transmission systems, transparency is not only an expectation -it is a responsibility.
By adopting recognised reporting standards and consistently enhancing the quality of our disclosures, we ensure that stakeholders gain a clear, reliable view of how our activities contribute to a secure, sustainable, and affordable electricity system. Through transparent reporting, we demonstrate how our investments, operations, and strategic decisions support society’s transition to a decarbonised future, while safeguarding the long term value creation that defines Elia Group.
Since 2021, we have continuously strengthened our integrated reporting approach.
We began by embedding integrated thinking into how we communicate value creation. In 2022, we advanced this work through a double materiality assessment, TCFD alignment, and the launch of Group-wide ESG assurance. In 2023, we published our first unified Annual Integrated Report, fully aligned with ESRS and ensuring greater data consistency across all entities. By 2024, we achieved full CSRD compliance, integrating financial and sustainability disclosures under the double materiality principle and reinforcing assurance processes.
This year, we focused on clarity and conciseness -streamlining content, refining data presentation, and further integrating financial and nonfinancial information. This evolution reflects our commitment to clear, accountable reporting.
Board approval
The Elia Group Board of Directors applied its collective mind to the preparation of this report. It acknowledges its responsibility for ensuring its integrity and for its alignment with the Framework.Bernard Gustin
CEO
Pieter De Crem
Chairman of the Board
ContentsOur integrated report consists of four distinct reports. The integrated external assurance covering the entire integrated report can be found in the appendices.
Strategic Report
Opening interview
This is Elia Group
Elia Group in a rapidly evolving environment
Our vision, mission, and strategy
Our business model
Our performance
Outlook for 2026
Governance and Risk Report
Corporate governance statement
Remuneration of Board of Directors and Executive Management Board
Internal control & risk management
Elia Group on the stock exchange
Management report and analysis of 2025 results
Sustainability Report
General disclosures
Environmental information
Social information
Governance Information
Appendices
Financial Report
Consolidated financial statements
Notes accompanying the consolidated financial statements
Information about the parent company
Statement of financial position after distribution of profits
Statement of profit or loss
Financial terms or Alternative Performance Measures
Appendices
Integrated external assurance report
Acronyms
Glossary
Elia Group | Annual Integrated Report 2025
Strategic Report
Governance & Risk Report
Sustainability Report
Financial Report
Appendices
3
Strategic ReportNo transition without transmission. Our strategic investments are essential to enable electrification, to meet rising
electricity demands, and to increasingly integrate renewable energy sources into the grid. We are committed to operating in the interest of society, ensuring a sustainable, reliable energy future for all.
Elia Group | Annual Integrated Report 2025
StrategicReport
Governance & Risk Report
Sustainability Report
Financial Report
Appendices
4
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Financial Report
Appendices 5
Overview
Strategic Report
6
Opening interview
Go to chapter
12
This is Elia Group
Go to chapter
22
Elia Group in a rapidly evolving
environment
Go to chapter
26
Our vision, mission, and strategy
Go to chapter
33
Our business model
Go to chapter
41
Our performance
Go to chapter
51
Outlook for 2026
Go to chapter
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Appendices 6
Opening interview
Honouring the legacy
2025 was a landmark year for Elia Group. We invested
€5.2 billion in critical energy infrastructure - more than triple our historical annual average - demonstrating our commitment to enabling Europe’s energy transition.
Our successful equity raise and green financing initiatives have positioned us as a leader in sustainable growth, with operational excellence and stakeholder engagement at the heart of a strategy powered by the strength and dedication of our people.
Q: Bernard, before we move on to the Group’s performances, challenges, and ambitions, we would like to begin by inviting you to share the tribute you wished to pay to Geert Versnick, your late President of the Board. What do you see as his most enduring contribution to the company’s success?
Our relationship was built on something quite rare in business: genuine trust and a shared vision. For several years, I served as Chairman of the Board while Geert was Vice-Chairman, which created an extraordinary partnership that shaped the Group’s trajectory. This was more than a formal arrangement; it was a deep collaboration.
His greatest legacy was serving as the vital, enduring bridge to Publi-T, our anchor investor. Geert had the knowledge, credibility, and insight to translate our strategy in ways that resonated with our largest shareholder, securing their ongoing support for our strategy and specific commitment for capital increases at critical moments. Without his ability to champion our vision and bring Publi-T along, our transformation would not have been possible.
Beyond his role with shareholders, he was an exceptional sparring partner in defining our strategy. We could challenge each other constructively because we shared the same vision for the company's future. That alignment, combined with mutual trust, allowed us to tackle difficulties head-on, always confident we were working towards the same goals.
Looking back, what made our partnership work was simple: mutual respect, shared ambition, and complete trust in each other's judgment.
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Q: How would you describe him, and what was his greatest talent?
He was a diplomat and a skilled negotiator, always approaching challenges with pragmatism.
What truly set him apart was his ability to listen and respect others' opinions. He excelled at finding solutions that accommodated all parties by genuinely listening to different perspectives. He often said, "The solution won't win a beauty contest, but it's a solution." He understood that the best outcomes come from bringing everyone along, not imposing a single view.
Q: On a personal level, what have you learnt from working with him over all these years?
I learnt the value of patience and timing. Even when your solution is right, you sometimes need to wait for the right moment. Geert had a remarkable instinct for sensing when conditions were optimal for a decision. Some saw this as hesitation, but those who knew him understood it was strategic. As the French say, "reculer pour mieux sauter" - to step back in order to leap further. He was always preparing, always positioning us to spring forward at exactly the right moment.
Q: Is there anything else you'd like to add about him?
When Geert made a commitment, his word was his bond. Even when the path was difficult, he honoured his promises.
I never experienced a moment when he said one thing and did another. His integrity was absolute. This quality also made him a true friend. That’s what I’ll miss most - not just the Chairman and strategist, but the man whose word you could always trust.
Q: Looking back at your first year as CEO of Elia Group, what are your main takeaways?
I'm genuinely proud of what we've accomplished this year.
Three achievements stand out. First, we secured financing for significant growth and re-established market trust.
When I took on this role, there were questions about our capacity to fund ambitious growth and deliver on our promises. Addressing this was my main focus, and I’m pleased to say we succeeded.
Second, we delivered operationally, investing C5 billion in CAPEX. This is a fivefold increase on previous years.
Achieving this level of growth is far from self-evident; it reflects the dedication and expertise of our people, who ensured these projects were delivered on time and within budget despite their scale and complexity. This performance reinforces our ambition to be - and remain -the trusted partner for all our stakeholders.
Third, we are attracting exceptional talent. Despite challenges, young people want to join us because they see Elia Group as a place where they can make a real difference and help build the energy infrastructure of the future. That tells me we have the right people and vision.
Q: What challenges do you see coming up?
The biggest challenge we face is alignment and timing. Investing heavily in infrastructure for the energy transition is essential if we are to become independent of fossil fuels and accelerate decarbonisation. That part is clear. What’s increasingly evident, however, is that the complexity and pace required are testing everyone involved. We need to build tomorrow’s energy system, yet regulatory frameworks, permitting processes, and supply chains are still operating at yesterday’s speed. This mismatch creates real risk. It’s not only Elia Group that must change - our entire environment needs to adapt.
Achieving this paradigm shift demands alignment across stakeholders, from regulators to suppliers, even as they move at different rhythms. That’s why we must explain what we’re doing and why, and be honest about the consequences of inaction. Society has set ambitious decarbonisation goals, and we are committed to delivering them. This will require clear direction, bold action, and collaboration across the whole ecosystem.
Q: How does Elia Group’s financial strategy support its long-term vision?
Our financial strategy is built on balance and resilience. The successful equity raise this year was essential to maintaining a healthy mix of equity, debt, and self-financing. The positive market response and strong shareholder participation reflect genuine trust in our strategy. Access to green financing further affirms our commitment to sustainability - not as a side project, but as the essence of our business. These achievements position us to fund the energy transition while maintaining the financial strength that has always defined Elia Group.
Q: You've expressed concern about rising costs for the energy island project in Belgium, as well as the fast evolution of CAPEX in Germany. How do you balance cost control with long-term strategic benefits?
Let me be very direct about this: the energy island is essential for Belgium's and Europe’s energy future. We need to invest heavily if we want to succeed in the energy transition, and these investments are justified because it would be far more expensive not to make them. The longterm strategic benefits - energy independence, renewable integration, and decarbonisation - are indisputable.
However, I'm acutely aware of the challenge we face in the interim period. When you build major infrastructure such as the energy island, there's an inevitable delay effect. You need to build the infrastructure first, invest the capital upfront, and only then can society reap the benefits: the ability to integrate much more renewable energy, which is, of course, much cheaper in the long run. But customers will see tariff increases before they see those benefits materialise.
This is where our responsibility becomes critical. Given that tariffs will go up while the benefits aren't immediately visible, we must demonstrate beyond any doubt that these extra costs represent the absolute bare minimum required, and that we're doing our utmost to control costs and minimise the impact on customers.
Q: As regulatory frameworks evolve in Germany and Belgium, how do you see these changes influencing Elia Group’s growth prospects and investor confidence?
Regulatory stability is critical for investor confidence. The upcoming frameworks in Germany and Belgium will shape how we secure the capital needed to deliver the energy transition. Whatever the methodology, returns must remain attractive in a globally competitive market, and predictability is essential to de-risk long-term investments. We’re engaging constructively with regulators and are cautiously optimistic that the outcome will balance societal objectives with the financial conditions required to attract very important capital and sustain growth.
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Q: Why is expanding international consultancy and development activities outside the core markets critical for Elia Group as a leading energy group?
Transmission has become the number-one topic in the electricity value chain. With offshore wind, data centres, electrification, and AI, we now find ourselves at the very centre of global attention. The challenges we are tackling in Belgium and Germany are the same as those emerging worldwide. Many countries simply lack the expertise, the international perspective, or the financing capabilities we have built. As one of the few truly international electricity transmission groups - present in fast-growing markets and largely stock-listed - we occupy a genuinely unique position.
Our focus remains firmly on Belgium and Germany. We're not distracted, but we're thinking strategically about the
We’re shaping the workforce of tomorrow, building on a remarkably strong foundation: world-class engineers, digital and AI specialists, seasoned finance professionals, expert legal advisers, and highly skilled procurement teams. Technology will transform how we operate, and we’re preparing for that future.
By 2030, I want Elia Group to be
This year’s record-breaking capital raise proved the strength of our team. What seemed “mission impossible” to many was delivered by exceptional professionals - one of the biggest capital operations in Europe's and Belgium’s history. That’s the calibre of people choosing Elia Group, and I’m excited about what we’ll achieve together.
future. Over time, growth will normalise in our home markets, which is why it's essential to build new sources of growth in attractive markets today. This is not just expansion; it's intelligent portfolio management and risk mitigation. Diversifying revenue streams across geographies and regulatory frameworks reduces dependency on the political or economic context of one or two countries.
So yes, we're thinking internationally, but always with our core TSO excellence as the foundation.
Q: 769 hires in 2025. That's impressive. How is Elia Group addressing talent needs and employer branding to support the energy transition?
I’m proud of what this achievement says about Elia Group. Our HR team has done a great job defining who we are -not just for candidates, but for the wider community.
What attracts people to Elia Group is clear: we’re a successful company with a mission that goes beyond profit. We offer purpose - work that matters - and perspective through international opportunities across our three divisions, from TSO operations to consulting and development, creating diverse career paths.
Just as importantly, newcomers are set up to thrive: our experienced colleagues take pride in integrating and mentoring new joiners, sharing their expertise and values from day one. The result is not only a great place to build a career, but a genuinely supportive and enjoyable place to work.
recognised as the enabler of the energy
transition - a true driver of innovation, affordability, and sustainability. Our infrastructure must become a pillar of national strength, supporting industry, data centres, and society at large.
Success will be measured by our ability to deliver reliable, affordable, and sustainable energy, enabling society’s transition and independence. I want people to say: “Elia Group makes it happen. They are the catalyst for our transition, our competitiveness, and our energy independence.”
Bernard Gustin
CEO, Elia Group
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2025, a year of impact
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Appendices 9
The highlights below showcase the progress made in 2025 — a year marked by strong delivery, meaningful impact, and continued momentum toward a fully decarbonised, reliable, and future-proof energy system.
February
SuedOstLink secures full building permit after third approval
The Bundesnetzagentur's decision gives 50Hertz a full building permit for the 270 km DC line through Saxony-Anhalt, Saxony, and Thuringia.
European Commission awards €645 million to Bornholm Energy Island
Elia Group secures €2.2 billion equity package
The package includes a secured C850 million PIPE from ATLAS Infrastructure ("ATLAS") with The Future Fund (C234.6 million), BlackRock (C117.3 million), CPP Investments (C117.3 million), and Publi-T/NextGrid Holding (C380.7 million), alongside about C1.35 billion in a rights issue.
March
Bernard Gustin appointed CEO of Elia Group
Having served as Chairman since 2017, Bernard Gustin brings deep knowledge of Elia Group and its sector, ensuring continuity and positioning the company for sustained growth.
January
Marco Nix steps into CFO role at Elia Group
Following his tenure as CFO of 50Hertz and interim CFO of Elia Group, Marco Nix officially joins the Executive Management Board to support the Group's strategic and financial objectives.
April
Elia named Top Employer for the eighth time
Achieving an overall score of 90.87%, Elia excelled in digital HR, flexibility, and employee engagement, confirming its strong people strategy and workplace attractiveness.
Eurogrid signs €1 billion green loan for North and Baltic Sea connections
The loan will support Ostwind 4 and LanWin3, reinforcing Germany's offshore transmission capacity and advancing the energy transition.
First building blocks of Belgian energy island installed in the North Sea
The first two of 23 massive caissons, each weighing 22,000 tonnes, are successfully placed 45 km off the coast, marking a major milestone in the construction of Princess Elisabeth Island, Belgium's future offshore electricity hub.
Jointly developed by 50Hertz and Energinet, the project will transform Bornholm into a major electricity hub, enabling offshore wind integration and cross-border power flows between Denmark and Germany.
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Elia Group, CIP, and GASCADE call for integrated electricity and hydrogen planning
The joint paper launched at WindEurope urges Europe to align grid and hydrogen infrastructure development and to create new financing models to attract private capital for the energy transition.
Elia Transmission Belgium (ETB) joins MARI platform for mFRR balancing energy
Access to the European platform enables Elia to exchange tertiary reserves across borders, improving grid security and reducing imbalance costs.
Eight European TSOs launch innovation alliance to boost grid resilience
The alliance will develop shared solutions to improve efficiency and drive technological advancement, starting with its first programme focused on weather and grid resilience.
July
Belgium adopts 15-minute granularity for cross-border capacity allocation
Successful switch to Single Day-Ahead Coupling aligns day-ahead trading with intraday and balancing markets, boosting flexibility and renewable integration.
September
Eurogrid secures commercial paper programme for €750 million
This initial issuance provides a flexible and cost-effective way to support grid investment needs, complementing Eurogrid's long-term funding instruments.
Belgium's adequacy study highlights need for CRM and flexibility
Belgium's Adequacy and Flexibility Study 2026-2036, published by ETB, warns that demand will exceed available capacity from 2028. It calls for continued CRM implementation, accelerated flexibility development, and clarity on the long-term energy mix.
Connection agreement signed for
€3 billion VIRTUS data centre near Berlin
50Hertz and VIRTUS sign a grid connection agreement for the Wustermark campus, securing 300 MW of capacity and enabling a green energy supply for one of Europe's largest data hubs.
Completion of Brabo grid reinforcement marks milestone for Belgium's energy transition
The C300 million project strengthens the high-voltage grid and Belgium's interconnection with the Netherlands, supporting a doubling of electricity demand in the Port of Antwerp over the next decade.
12 TSOs unveil roadmap for interconnected North Sea grid
The joint study highlights how coordinated offshore development can unlock economic benefits, enhance security of supply, and support Europe's clean energy ambitions.
June
Elia Transmission Belgium (ETB) secures commercial paper programme for €700 million
The increase from C300 million to a maximum aggregate amount of C700 million provides ETB with a flexible, cost-effective instrument to meet short-term liquidity needs.
Eight Baltic Sea TSOs publish roadmap for integrated offshore grid
The expert paper outlines cross-border projects and coordinated planning to unlock 93 GW of offshore wind potential and strengthen regional energy security.
May
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Appendices 11
50Hertz starts work on Suedharz 380 kV grid connection to boost
Germany's energy backbone
The 145 km overhead line replaces an ageing 220 kV link, increasing transmission capacity and strengthening security of supply for the energy transition.
Elia Grid International (EGI) celebrates 15 years of global expertise in Riyadh
The Riyadh celebration showcases EGl's evolution into a global consultancy with projects in 35 countries, combining European expertise with local innovation.
Elia Transmission Belgium (ETB) sets benchmark for green finance with
€500 million EU Green Bond issuance
ETB's landmark transaction combines robust investor confidence with a clear commitment to the transparent financing of critical grid infrastructure.
October
Bornholm Energy Island moves to implementation with major Siemens Energy contract
Energinet and 50Hertz place orders for four converter systems to build the pioneering power hub on Bornholm.
European Grids Package sets out
€1.2 trillion roadmap for energy independence
The European Commission's Grids Package highlights the backbone role of electricity networks and calls for collaborative planning and innovative financing to deliver the energy transition.
Baekeland project reinforces Belgium's energy backbone and industrial competitiveness
The C400 million project, located in Ghent, will strengthen the high-voltage grid, enable greater access to North Sea power, and support industry's shift to electricity-based processes.
Céline Van Haute joins Elia Group as CHRO Céline will lead the evolution of our people and culture strategy, strengthening our local foundations while uniting us as one group and fostering collaboration, wellbeing and an inclusive work environment. | ||
Eurogrid succesfully places €1.1 billion EU Green Bond The dual-tranche issuance by Eurogrid GmbH, the parent company of 50Hertz, is oversubscribed up to seven times and will finance grid infrastructure that is fully aligned with the EU Taxonomy and the EU Green Bond Standard - widely regarded as the most rigorous benchmark for asset allocation, reporting transparency, and external verification in sustainable finance. | ||
50Hertz commissions two major 380 kV lines, reinforcing Germany's extra-high-voltage network The Pulgar-Vieselbach and Röhrsdorf-Weida-Remptendorf projects, with a combined investment of over C500 million, strengthen Germany's energy backbone and enable the secure integration of renewables. | ||
November | ||
Elia's fourth academic board strengthens collaboration between industry and academia Leading Belgian researchers and Elia experts join forces to explore innovations in flexibility, grid reliability, and market design for a future-proof energy system. | ||
December
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Appendices 12
- This is Elia Group
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Appendices 13
Getting to know Elia Group
Elia Transmission Belgium (ETB) is Belgium’s sole transmission system operator for high- and extra-high-voltage electricity, driving the country’s energy transition with a highly interconnected grid and pioneering projects.
energyRe
ETB aims to be ready for a 50% increase in electricity consumption by 2032.
50Hertz is the transmission system operator for northern and eastern Germany, operating an extra-high-voltage grid and leading the energy transition by aiming to cover 100% of the annual electricity consumption in its control area with renewable energy by 2032.
Nemo Link is a high-voltage direct current (HVDC) subsea interconnector, jointly operated by ETB and National Grid, enabling the exchange of up to 1,012 MW of electricity between Belgium and Great Britain since 2019.
WindGrid develops international electricity transmission solutions, accelerates the global energy transition, and expands Elia Group’s reach - including a stake in energyRe Giga in the U.S.
Elia Grid International (EGI) is a global engineering consultancy that provides strategic, technical, and regulatory expertise in onshore and offshore power transmission, leveraging the experience of ETB and 50Hertz to support a wide range of transmission solutions.
From European key player to global partner in the energy transition.
European TSO Group
Access to North and Baltic Seas
Strong global footprint
Publicly listed company
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Bringing power today and tomorrow
Key projects to turn vision into reality
Ready for 50% increase by 2032
100% by 2032: Affordable energy for a strong economy
Key projects of Elia Transmission Belgium in 2025
In Belgium, Elia Transmission Belgium advanced several flagship infrastructure projects: Ventilus and Boucle du Hainaut progressed through important permitting and stakeholder milestones, reinforcing the future backbone needed to integrate large volumes of offshore wind. BRABO III entered its final construction phase, with conductor installation and mast completion preparing the line for commissioning in early 2026. Meanwhile, construction of the Princess Elisabeth Island continued at pace, with major offshore caisson installation and initial HVAC works laying the foundations for Belgium’s first energy island.
Key projects of 50Hertz in 2025 In Germany, SuedOstLink progressed towards implementation with full
permitting secured and construction
advancing across all sections. Ostwind 3 reached the completion of its full cable-laying campaign and
continued offshore substation works. The Bornholm Energy Island also moved forward as 50Hertz and Energinet awarded contracts for the HVDC converter systems that will enable future large-scale renewable power flows between Denmark and Germany.
Key projects of our international pillar in 2025
EGI is currently involved in several international projects with a special focus on unlocking new opportunities for cross-border trade and accelerating the clean energy transition, while actively pursuing further growth in these strategic markets. Meanwhile, WindGrid’s HansaLink has been included in the EU’s updated list of Projects of Common and Mutual Interest (PCI/PMI), confirming its strategic role
in Europe’s future energy infrastructure. Nemo Link celebrates six years of reliable operation, sustaining a vital electricity bridge between the UK and Belgium that enhances security and enables renewable power flows.
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Key figures
Financial
key performance indicators
€556.6
million
Net profit Elia Group share
€5.51
/ per share
Bonus-Adjusted earnings per share (in €) (Elia share)1
7.3%
ROE (adj.)
BBB
/ stable outlook
S&P credit rating (Group)
€22.6
billion
RAB2
€5.2
billion
Total investments Elia Group
1 Bonus-adjusted Earnings per share (in C) (Elia share) includes the bonus adjustment related to the 2025 rights issue (bonus factor of 0.95)
2 Regulated Asset Base at year-end, represents 100% of 50Hertz and a closing RAB.
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Non-financial key performance indicators
4,572
Number of employees
26.1%
Women in total workforce
59
Number of nationalities represented by our staff
3.4
96.6%
99.9%
AAA
Total Recordable Incident Rate (TRIR) of employees
Health rate
EU Taxonomy-aligned CAPEX
/ leader
Non-financial rating /
MSCI ESG rating Elia Group
>99%
781.3
Grid reliability (resilience)
kt CO₂e
Scope 1 emissions
& Scope 2 emissions3
3 Current target: -28% absolute reduction of scopes 1 and 2 by 2030 compared to 2019
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Installed capacity
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Appendices 17
Elia Transmission Belgium*
Total renewable
18,661 MW
Solar
10,696 MW
Total conventional
13,261 MW
31,922 MW
Total installed capacity
Onshore wind
3,177 MW
Other
342 MW
Biomass
731 MW
Offshore wind
2,262 MW
Hydropower
1,452 MW
50Hertz Transmission Germany**
Total renewable
51,980 MW
Total conventional
23,611 MW
Solar
25,235 MW
75,591 MW
Total installed capacity
Other renewable energy
70 MW
Hydropower
154 MW
Offshore wind
1,828 MW
Onshore wind
22,629 MW
Biomass
2,064 MW
across our control areas
*in line with ENTSO-E category and scope of renewable sources
**status as of 31.12.2024 (calculated in January 2025 / source: MaStr Renewable Energies)
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Electricity generation & consumption
Generation
Elia Transmission Belgium
Belgium reached new records for solar generation in 2025, with annual output rising to 10.1 TWh (+21% vs. 2024) thanks to a 10% increase in installed capacity and exceptionally sunny conditions. This strong solar performance drove renewable generation to an all-time high of 22.4 TWh, representing around 34% of the electricity mix, even as wind output fell slightly due to weak wind conditions.
ETB’s electricity generation mix in 2025
Nuclear
Gas
8.6 TWh - 13.1%
10.1 TWh - 15.3%
22.5 TWh - 34.2%
Total 65.8 TWh
Offshore Onshore Solar
Others
5.5 TWh - 8.4%
6.8 TWh - 10.3%
12.3 TWh - 18.7%
Combined solar and wind generation set a record of 9,957 MW on 4 October, covering 90% of demand at that moment, and renewables supplied more than half of consumption for 16.2% of the year. Nuclear power’s share also stood at 34.2% despite the shutdown of three reactors, while gas-fired generation remained structurally low at 12.3 TWh due to favourable imports, high gas prices, and growing renewable output.
50Hertz Transmission Germany
In 2025, total renewable energy generation stayed at roughly the same level as in 2024. Although onshore wind capacity continued to grow, poor wind conditions throughout the year meant this did not translate into higher output. Onshore wind generation fell by nearly 3 TWh (around 8%). Offshore wind generation increased by around 0.5 TWh (11%), while solar power rose significantly, adding approximately 2.5 TWh (15%). Together, these gains compensated for the weaker onshore wind year, keeping overall renewable generation stable.
50Hertz’s electricity generation mix in 2025
3.8 TWh - 2.8%
5.4 TWh - 4.0%
5.9 TWh - 4.4%
9.2 TWh - 6.8%
15.6 TWh - 11.4%
42.6 TWh - 31.2%
Total 136.9 TWh
Coal
Onshore wind Solar
Fossil gas
Biomass Others Offshore wind
19.8 TWh - 14.5%
Hydro pumped storage
33.9 TWh - 24.8%
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Appendices 19
74%
of total consumption from across 50Hertz area came from RES
Consumption
Elia Transmission Belgium
Electricity consumption in 2025 was 80.1 TWh (81 TWh in 2024). This is still below the average consumption seen during the five-year reference period 2017–2021, although higher than in 2023 (78.9 TWh). This downturn is a temporary phenomenon and we expect to see a significant increase in electricity consumption in the coming years due to the electrification of society. Many studies estimate that electricity consumption could double by 2050.
50Hertz Transmission Germany
In 2025, electricity consumption across the 50Hertz grid area remained low and even decreased further, dropping by around 0.6 TWh compared to 2024. As renewable generation remained broadly stable, the lower electricity demand lifted the share
of renewables in total consumption by one percentage point to 74%.
Annual changes in renewable electricity consumption across our control areas*
Unit: TWh
100.8
103.3
97.3
93.8
93.9
93.3
81.0 84.4 91.7 78.9
2020 2021 2022 2023
80.5
2024
80.1
2025
Germany (50Hertz control area) Belgium
*according to the ENTSO-E category and scope of renewable sources
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Electricity imports & exports
Interconnectors allow electricity trading across borders, enhancing supply security and balancing prices. They help integrate renewable energy by enabling the exchange of surplus green energy. Interconnectors are therefore crucial for building an interconnected European electricity grid and market, supporting the EU's energy and climate goals.
ETB’s grid area
National Grid Great Britain
3.8
10.4
TenneT
the Netherlands
0.5
50Hertz's grid area
Energinet Denmark
3.3
1.0
10.0
PSE
1.7
1.6
Amprion Germany
4.5
0.8
Poland
RTE
1.5
11.5
46.1
8.2
France
Net imports in 2025
14.1 TWh
Total exports in 2025: 11.3 TWh
Total imports in 2025: 25.4 TWh
0.1
0.9
Creos Luxemburg
Net exports in 2025
36.1 TWh
Total exports in 2025: 65.3 TWh
Total imports in 2025: 29.2 TWh
24.6
TenneT Germany
0.5
Čeps
Czech Republic
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Stakeholder interactions
We engage with our stakeholders through open and ongoing dialogue. Their insights help shape our decisions: we listen to their expectations, integrate their feedback into our daily work, and ensure their needs are reflected in what we do. For more information, please refer to 'SBM-2 - Interests and views of stakeholders' in the sustainability report.
Public and social stakeholders
Local communities
Press and general public
Federations, NGOs, and academics
Operating and business environment
Electricity system operators
Employees and their representative bodies
Suppliers
Energy producers
Government and public authorities
Customers and consumers
Financial stakeholders
Shareholders and investors
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- Elia Group in a rapidly evolving environment
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The strategic landscape
The energy system is undergoing a profound transformation, driven by a set of strong, interlinked megatrends. While the core societal mission of transmission system operators remains unchanged, the operating context is evolving rapidly. As a result, the operationalisation of our strategy must be continuously adapted to address growing complexity, uncertainty, and evolving societal expectations.
Decarbonisation path reflecting stronger competitiveness, sovereignty, and resilience
The energy transition is no longer perceived solely as a climate imperative; it has become a cornerstone of industrial competitiveness, energy sovereignty, and infrastructure resilience. The 2022 energy crisis highlighted the strategic value of electrification and renewable energy integration in stabilising prices and reducing dependence on unstable fossil fuel markets.
Europe is increasingly coupling its climate objectives with a broader industrial strategy aimed at securing critical supply chains and key technologies. This approach shapes the agenda of the new European Commission, reflecting both global geopolitical developments and the need for strategic international partnerships.
Cross-border cooperation remains essential to achieving decarbonisation efficiently and at scale. In Europe -especially in Germany and Belgium - but also in the United States, Elia Group contributes to a cost-effective clean energy transition by enabling the transport of electricity to consumption hubs, and by supporting the growth of energy-intensive and digital industries.
Rising relevance of flexibility
The transition towards a renewables-based energy system is making system operations significantly more complex and challenging. Ensuring adequacy, reliability, and efficiency increasingly depends on unlocking flexibility across the system - from generation and storage to industry, SMEs, households, and consumers.
As renewable penetration further increases, more flexibility becomes indispensable for operating an efficient and secure system. Solutions such as battery storage, power-to-heat, and electrolysis are becoming key to managing variability and absorbing surplus generation, including photovoltaic peaks. Market and technical frameworks must evolve accordingly.
While large industrial players have long provided flexibility through ancillary services, new use cases are emerging at smaller scales, enabled by improved market design and digital tools. Consumers are increasingly becoming active participants who provide flexibility within the energy system and are able to influence their consumption, particularly during price peaks.
Flexible consumption enhances security of supply, reduces system costs, and limits the need for additional assets.
Seamless, near real-time access to data is a critical enabler for coordinating these contributions across all market actors.
Digitalisation gaining momentum, boosted by AI integration into business processes
Digitalisation and emerging technologies are reshaping the power sector and accelerating its integration with heating, transport, and industry. Managing this growing complexity requires smarter systems and closer collaboration between operational and digital expertise -an area where artificial intelligence is also becoming a decisive enabler.
Smart grids, supported by IoT, IT-OT convergence, and AI-driven analytics, are improving asset monitoring, system operations, and market operations. Data-driven decision-making strengthens incident response, predictive maintenance, and risk mitigation, ultimately enhancing system resilience.
In this context, access to accurate, secure, and real-time data is a prerequisite for operating a reliable and efficient electricity system, both now and in the future.
Supply chain challenges
As Europe advances its energy transition, supply chains for critical grid components are coming under increasing strain. Global demand growth, geopolitical tensions, and rising asset costs have shifted the market from a buyer-driven to a supplier-driven environment.
To secure timely grid investments, Elia Group is adapting its procurement approach by placing orders earlier, promoting standardisation, and building long-term, strategic partnerships with suppliers. Strengthening supply-chain resilience has become a strategic priority
in its own right.
Strengthening regional cooperation to accelerate the transition
The energy transition touches every part of our society -from the economy and households to the relationships between countries and regions. As Europe advances on this path, each country is navigating its own realities and priorities. Yet more and more examples show how regional cooperation can complement national efforts and bring added value for everyone.
By working together across borders, we can make better use of existing infrastructure, operate the system more intelligently, and reduce overall costs for society and industry. Collaborative approaches help avoid duplicated investments and allow all partners to benefit from more efficient solutions.
Ultimately, combining national strengths with regional coordination can help us reach our shared energy transition goals faster, more affordably, and more sustainably.
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The EU’s strategic response to megatrends
In response to emerging global trends, the European Union has reassessed its approach to addressing the energy trilemma - security, equity, and sustainability -and placing it at the heart of its policy framework. This trilemma guides the development of resilient, inclusive, and climate-aligned energy systems across Member States.
Energy Security: Strengthening grid infrastructure, diversifying energy sources, and promoting regional interconnectivity to enhance resilience and reduce dependencies. Instruments such as the TEN-E regulation and cross-border Projects of Common Interest (PCIs) play a central role.
Energy Equity: Ensuring affordability and access through the Just Transition agenda, including mechanisms such as the Social Climate Fund and targeted support for vulnerable consumers.
Environmental Sustainability: Driving decarbonisation through the European Green Deal, Fit for 55, and REPowerEU, with clear targets for renewables, energy efficiency, and emissions reduction.
Elia Group’s strategic response
forward-looking project development and consultancy across diverse regions, we are actively shaping the energy ecosystems of tomorrow and accelerating the world’s transition to a sustainable future.
Ourthree strategic pillars - covering our activities in Germany and Belgium, and our international ventures -are designed to address today’s challenges and megatrends while continuing to deliver value for our stakeholders. In line with these pillars, Elia Group is strengthening its core TSO responsibilities in Belgium and Germany, safeguarding system reliability, and supporting the achievement of national and European climate and energy objectives.
Constructive engagement with regulators and active collaboration with political decision-makers, industry, and the wider energy ecosystem are at the core of our way of working with stakeholders. This cooperation helps mobilise investment, align policies, and unlock the full potential of the energy transition. At the same time, we are developing the grid of the future through targeted investments in resilient, future-proof infrastructure that supports renewable integration, as well as the electrification of society and industry, including sector coupling.
Our initiatives are designed to ensure that the energy transition progresses smoothly, in a technically sound, economically efficient, and socially inclusive way.
Innovation and digitalisation play a central role in this effort, with AI, data analytics, and automation deployed to optimise grid operations, improve forecasting accuracy, and reinforce cyber and system security.
Finally, as a strong advocate of European market integration, Elia Group actively promotes regional cooperation, harmonised market design, and efficient cross-border flow management, recognising that coordinated solutions are essential to delivering the energy transition at the best cost for society.
Elia Group’s strategy is fully aligned with Europe’s approach to addressing the energy trilemma, strengthening our role as a system-responsible key enabler and facilitator of the transition. In a context of growing complexity and constraints, cooperation with other TSOs, as well as policymakers, authorities, industry, institutions, and societal organisations is key. Elia Group is evolving beyond the traditional boundaries of a system operator to become a global force in the energy landscape. By combining deep expertise in transmission systems with
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Regulatory changes
Belgium
In Belgium, discussions to define the regulatory framework for the next period began in early 2026 through a structured, clearly sequenced engagement with the Commission for Electricity and Gas Regulation (CREG). The process started in January with the launch of the tariff methodology discussions, which set out the outline of the framework. This will be followed by a public consultation phase, allowing stakeholders to provide input and ensuring transparency and alignment with broader system needs. Based on this process, CREG is expected to approve the final tariff methodology by the end of the second quarter of 2026.
Our expectation is that the Belgian regulator will continue to favour stability and predictability. Given the maturity of the regulatory framework and the long-term investment needs of the system, we believe the CREG will maintain a cost-plus model supplemented by a series of incentive mechanisms. Such an approach would be consistent with the regulator’s historical preference . As part of this exercise, we expect that the parameters of the remuneration will be analysed and updated, to ensure they remain aligned with market conditions and policy objectives. We therefore anticipate an evolution rather than an overhaul of the current framework, with incentives continuing to play an important role in driving performance and alignment with policy objectives.
In parallel, the process for the new federal development plan is progressing. A first draft is expected in the second quarter, followed by a revised version by the end of the year, reflecting stakeholder feedback and updated system assessments.
Germany
The year 2025 marked an important milestone in the fundamental revision of the regulatory framework for electricity and gas networks in Germany. Following a ruling of the Court of Justice of the European Union, and in view of substantial investment needs, the Federal Network Agency (BNetzA) launched an ambitious reform process to modernise the regulatory framework. In December 2025,
BNetzA published the new regulatory framework, which will apply from 2028 for gas network operators and from 2029 for electricity system operators, largely building on the existing methodology.
For electricity transmission system operators (TSOs), such as 50Hertz, a shift away from the traditional five-year revenue-cap system towards a more dynamic, cost-plus approach is envisaged. The objective is to develop a transparent, robust, and predictable regulatory model that can better respond to rapidly evolving system and market conditions.
Under this proposal, operational expenditures (OPEX) would be adjusted annually and would no longer be fixed for an entire regulatory period. Another key element of the reform is the proposed harmonisation of the regulatory frameworks for offshore and onshore. BNetzA intends to introduce a uniform, WACC-based remuneration level for both new and existing assets, thereby replacing the previous split-rate system, and improving transparency and predictability for long-term investment planning. The return on equity is to be set uniformly for Transmission System Operators (TSOs) and Distribution System Operators (DSOs) for a period of five years, or prospectively three years (from 2034 onwards). By contrast, the cost of debt would be determined annually on the basis of a reference series.
These directions were further confirmed on 10 December 2025, when BNetzA published a draft determination outlining the principles of the new regulatory framework for electricity TSOs. The draft reinforces the shift towards a cost-plus model with a single, WACC-based remuneration and envisages the introduction of additional incentive elements, although the detailed parameters have not yet been defined.
The reform process follows a structured timeline. A final decision on the TSO framework is scheduled for autumn 2026. Further methodological and technical details are expected to be developed during 2027/2028, with the new regime set to apply from 2029 onwards.
Overall, it is positive that BNetzA foresees an extensive consultation process, in which 50Hertz and Elia Group will actively engage.
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- Our vision, mission, and strategy
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Our vision & mission
Vision
A world where everyone can access affordable and sustainable power.
Mission
Driving the energy transition by designing, building, operating, and advising on reliable, cost-efficient, and future-proof power systems across borders and sectors.
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Our strategy
Our previous strategy of being one of Europe's top five TSOs evolves into becoming an international energy group specialising in transmission systems.
Drive the energy transition as a frontrunner TSO in our home countries
Changing operating context
Rising societal expectations
Competition for funds and human resources
Affordability concerns
Geopolitical shifts
set us up to...
Operational expertise in energy systems
Multinational footprint (BE, DE, international)
Financial structures
Elia Group is evolving from a dual-TSO structure into a fully integrated international energy group specialising in transmission systems.
In a fast-changing energy landscape, we continuously seek solutions to create value and advance the energy transition.
Develop transmission grids and provide pioneering consulting services outside our home markets
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4.3. Sustainability at the heart of our strategy
Our ActNow programme embeds sustainability into our business strategy and all activities of our entities by establishing clear, measurable objectives for Elia Group to achieve - which are implemented through entity-specific actions. As shown in the figure below, ActNow comprises five dimensions, each guided
by the UN Sustainable Development goals.
Climate Action 01 | Environment & Circular Economy 02 | Health & Safety 03 | Diversity, Equity & Inclusion 04 | Business Conduct & Dialogue 05 | |||||
We enable the | We minimise the | We ensure the health, | We create a diverse | We future-proof our | |||||
decarbonisation of the | environmental footprint | safety, and wellbeing of | and inclusive working | organisational structures | |||||
electricity system while | of our activities. | our employees and | environment and offer | and conduct our daily | |||||
also reducing our carbon | contractors. | equal opportunities for | activities responsibly | ||||||
footprint. | all staff. | and ethically, | |||||||
maintaining close | |||||||||
engagement with | |||||||||
society. | |||||||||